Los Angeles-based Everytable, the casual restaurant startup that bills itself as a “mission-driven food company,” has raised $55 million in new funding.
The Series C round was led by Paris investment firm Creadev, New York-based Desert Bloom Food Ventures and Stockholm investor Gullspång Re:food. Oakland’s Kaiser Permanente Ventures and South African restaurant Kimbal Musk were among those who joined the raise.
The company plans to spend the fresh funds to build new stores, expand its subscription delivery service and increase its food service business across Southern California, the Bay Area and New York. Founded in 2016, Everytable has 32 storefronts including 20 opened so far this year. The company expects to finish 2022 with 54 locations. Everytable has raised at least $91 million in total since launching and has roughly 160 employees, according to PitchBook Data.
Everytable prices meals based on each zip code's median income. At Everytable, food is prepared from scratch in a central commissary kitchen and distributed to their grab-and-go or dine-in stores, a business model that the company claims slashes the costs of standard restaurant operations. That allows meals to be priced affordably, including in traditionally underserved communities, the frim says. In the L.A. area, Everytable locations include Long Beach, Inglewood, Compton, Hollywood and Los Feliz, according to its website.
"We believe access to affordable and nutritious food is a human right," Sam Polk, CEO and founder of Everytable, said in a statement. "With the support of new and existing investors, we can continue transforming America's food system and creating a more just and equitable society by providing access to fresh food to everyone."
Polk, a former hedge fund trader, previously told dot.LA that he wanted to create an affordable fast food chain as a healthy alternative to the McDonalds’ and Subways that populate so-called food deserts, or low-income neighborhoods where fresh grocery options are limited. Everytable has now sold more than 10 million meals to date, according to the company. Menu options include apple cheddar salads, chipotle chicken bowls and falafel and hummus wraps.
The startup started in the L.A. area and last year expanded into Orange County and San Diego County. This spring, Everytable launched its e-commerce delivery service in the Bay Area and plans to open storefronts there in 2023. The company launched its first East Coast stores earlier this year, with three locations opened in New York and three more planned for the Big Apple by year end.
"It has been a thrill to watch Sam and the Everytable team execute their mission as they scale and serve new communities," Delphine Descamps, the U.S. managing director for Creadev, said in a statement. "We're proud to support their innovative programs and growth alongside like-minded investors."
- Everytable - dot.LA ›
- Everytable Wants to Make Healthy, Fast Food Affordable - dot.LA ›
- This Week in ‘Raises’: Everytable Scoops $55M, L’Attitude Gains $100M - dot.LA ›
Image courtesy of Duffl.
An URB-E rider hauls deliveries in Santa Monica.
Image courtesy of URB-E